ELS Reports Fourth Quarter Results

  ELS Reports Fourth Quarter Results

                      Continued Stable Core Performance

Business Wire

CHICAGO -- January 28, 2013

Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced
results for the three months and year ended December31, 2012. All per share
results are reported on a fully-diluted basis unless otherwise noted.

a) Financial Results

For the three months ended December31, 2012, Funds From Operations (“FFO”)
were $50.3 million, or $1.11 per share, compared to $44.8 million, or $0.99
per share, for the same period in 2011. For the year ended December31, 2012,
FFO was $210.0 million, or $4.62 per share, compared to $147.5 million, or
$3.66 per share, for the same period in 2011.

Net income available to common stockholders totaled $24.3 million, or $0.58
per share, for the three months ended December31, 2012 compared to a net loss
of $(0.2) million, or $0.00 per share, for the same period in 2011. Net income
available to common stockholders totaled $54.8 million, or $1.32 per share,
for the year ended December31, 2012, compared to $22.8 million, or $0.64 per
share, for the same period in 2011. See the tables included in this press
release for a reconciliation of FFO and FFO per share to net income available
to common shares and net income per common share, respectively, the most
directly comparable GAAP (General Accepted Accounting Principles) measure.

b) Portfolio Performance

During the year ended December 31, 2012, Core property operations were
impacted by previously disclosed non-recurring items related to utility income
and membership sales and marketing expenses. For the year ended December31,
2012, compared to the same period in 2011, the increases in Core property
operating revenues, expenses and income were approximately 2.3 percent, 1.3
percent and 3.0 percent, respectively, excluding cable service prepayments,
right-to-use contract sales and sales and marketing expenses.

For the three months ended December31, 2012, property operating revenues,
excluding deferrals, were $167.9 million, compared to $161.1 million in the
same period of 2011. Property operating revenues, excluding deferrals, for the
year ended December31, 2012 were $688.1 million, compared to $578.2 million
for the year ended December31, 2011.

For the three months ended December31, 2012, Core property operating revenues
increased approximately 1.5 percent and income from Core property operations
increased approximately 1.4 percent compared to the same period in 2011. For
the year ended December31, 2012, Core property operating revenues increased
approximately 1.8 percent and income from Core property operations increased
approximately 2.3 percent compared to the same period in 2011.

c) Balance Sheet

Our cash balance as of December31, 2012 was approximately $37.1 million. Our
average long-term secured debt balance was approximately $2.1 billion during
the three months ended December31, 2012, with a weighted average interest
rate, including loan cost amortization, of approximately 5.5 percent per annum
and weighted average maturity of 5.0 years. Interest coverage was
approximately 2.9 times in the three months ended December31, 2012.

During the three months ended December31, 2012, the Company paid off the
mortgage on one resort property, which was set to mature on February 11, 2013
totaling approximately $5.2 million, with a stated interest rate of 6.5
percent per annum.

d) Asset-related Transactions

During the three months ended December 31, 2012, the Company closed on a $25.0
million acquisition of the Victoria Palms Resort, a 1,122-site property, and
the Alamo Palms Resort, a 643-site property. Both properties are located in
Rio Grande Valley, Texas.

The Company also closed on the sale of Cascade, a 163-site property in
Snoqualmie, Washington formerly operated as a Thousand Trails resort. The sale
was the result of a settlement related toa previouslythreatened condemnation
of the property. Cash proceeds from the disposition, net of closing costs,
were approximately $7.6 million and a gain on disposition of approximately
$4.6 million, net of tax, was recorded. The property was not operating at the
time of the sale.

e) Preferred Stock Redemption

During the three months ended December31, 2012, the Company redeemed the
remaining 2,554,235 shares of 8.034% Series A Cumulative Redeemable Perpetual
Preferred Stock, par value $0.01 per share, at the $25.00 per share
liquidation value and accrued and unpaid dividends of $0.094846 per share on
such redeemed shares for approximately $64.1 million.

As of January 28, 2013, Equity LifeStyle Properties, Inc. owns or has an
interest in 383 quality properties in 32 states and British Columbia
consisting of 142,682 sites. The Company is a self-administered, self-managed,
real estate investment trust (REIT) with headquarters in Chicago.

A live webcast of the Equity LifeStyle Properties, Inc. conference call
discussing these results will be available via the Company’s website in the
Investor Information section at www.equitylifestyle.com at 10:00 a.m. Central
on January 29, 2013.

This press release includes certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. When used,
words such as “anticipate,” “expect,” “believe,” “project,” “intend,” “may be”
and “will be” and similar words or phrases, or the negative thereof, unless
the context requires otherwise, are intended to identify forward-looking
statements and may include, without limitation, information regarding the
Company’s expectations, goals or intentions regarding the future, and the
expected effect of the recent acquisitions on the Company. These
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, including, but not limited to:

  *the Company’s ability to control costs, real estate market conditions, the
    actual rate of decline in customers, the actual use of sites by customers
    and its success in acquiring new customers at its Properties (including
    those that it may acquire);
  *the Company’s ability to maintain historical rental rates and occupancy
    with respect to Properties currently owned or that the Company may
    acquire;
  *the Company’s ability to retain and attract customers renewing, upgrading
    and entering right-to-use contracts;
  *the Company’s assumptions about rental and home sales markets;
  *the Company’s assumptions and guidance concerning 2013 estimated net
    income and funds from operations;
  *the Company’s ability to manage counterparty risk;
  *in the age-qualified Properties, home sales results could be impacted by
    the ability of potential homebuyers to sell their existing residences as
    well as by financial, credit and capital markets volatility;
  *results from home sales and occupancy will continue to be impacted by
    local economic conditions, lack of affordable manufactured home financing
    and competition from alternative housing options including site-built
    single-family housing;
  *impact of government intervention to stabilize site-built single family
    housing and not manufactured housing;
  *effective integration of the recent acquisitions and the Company’s
    estimates regarding the future performance of recent acquisitions;
  *unanticipated costs or unforeseen liabilities associated with the recent
    acquisitions;
  *ability to obtain financing or refinance existing debt on favorable terms
    or at all;
  *the effect of interest rates;
  *the dilutive effects of issuing additional securities;
  *the effect of accounting for the entry of contracts with customers
    representing a right-to-use the Properties under the Codification Topic
    “Revenue Recognition;” and
  *other risks indicated from time to time in the Company’s filings with the
    Securities and Exchange Commission.

These forward-looking statements are based on management's present
expectations and beliefs about future events. As with any projection or
forecast, these statements are inherently susceptible to uncertainty and
changes in circumstances. The Company is under no obligation to, and expressly
disclaims any obligation to, update or alter its forward-looking statements
whether as a result of such changes, new information, subsequent events or
otherwise.

Tables follow:

Fourth Quarter 2012 - Selected Financial Data

(In $US millions, except per share data, unaudited)

                                                            Three Months Ended
                                                            December 31, 2012
Income from property operations - 2012 Core ^(1)            $     70.6
Income from property operations - 2011 Acquisitions ^(2)    27.0
Property management and general and administrative          (17.0         )
Other income and expenses ^(3)                              3.4
Financing costs and other                                   (33.7         )
Funds from operations (FFO) ^(4) (5)                        50.3
Depreciation on real estate                                 (24.6         )
Depreciation on rental homes ^(5)                           (1.7          )
Amortization of in-place leases                             (0.8          )
Depreciation on unconsolidated joint ventures               (0.3          )
Deferral of right-to-use contract sales revenue and         (1.0          )
commission, net
Income allocated to OP Units                                (2.2          )
Gain on sale of property                                    4.6           
Net income available to common shares                       $     24.3    
                                                            
Net income per common share - fully diluted ^ (6)           $     0.58
FFO per share - fully diluted                               $     1.11
                                                            
Weighted average shares outstanding - fully diluted         45.5

____________________________

1. See page 9 for the 2012 Core Income from Property Operations detail.

2. See page 10 for the Income from Property Operations detail for the 2011
Acquisition Properties.

3. Includes approximately $50,000 resulting from the decrease in fair value of
the net asset described in the following sentences. The Company owns both a
fee interest and a leasehold interest in a 2,200 site property. The ground
lease contains a purchase option on behalf of the lessee and a put option on
behalf of the lessor. The options may be exercised by either party upon the
death of the fee holder. The Company is the beneficiary of an escrow funded by
the seller and denominated in approximately 114,000 shares of common stock of
the Company. The escrow was established to protect the Company from future
scheduled ground lease payments as well as scheduled increases in the option
purchase price over time. The current fair value estimate of the escrow is
$6.8 million. The Company will revalue the asset as of each reporting date and
will recognize in earnings any increase or decrease in fair value of the
escrow.

4. See definition of FFO on page 21.

5. Fourth quarter 2012 FFO adjusted to include a deduction for depreciation
expense on rental homes would have been $48.6 million, or $1.07 per fully
diluted share.

6. Net income per fully diluted common share is calculated before Income
allocated to OP Units.

Consolidated Income Statement

(In $US thousands, except per share data, unaudited)

                          Three Months Ended        Year Ended
                          December 31,               December 31,
                          2012         2011 ^(1)    2012         2011 ^(1)
Revenues:
Community base rental     $ 104,351     $ 99,111     $ 414,170     $ 318,851
income
Rental home income        3,953         2,708        14,065        7,970
Resort base rental income 29,824        28,631       134,327       130,489
Right-to-use annual       11,575        12,103       47,662        49,122
payments
Right-to-use contracts    3,753         4,760        13,433        17,856
current period, gross
Right-to-use contracts,
deferred, net of prior    (2,014    )   (3,169   )   (6,694    )   (11,936   )
period amortization
Utility and other income  14,411        13,799       64,432        53,843
Gross revenues from home  2,685         1,807        8,566         6,088
sales
Brokered resale revenue
and ancillary services    (117      )   (260     )   3,114         3,464
revenues, net
Interest income           2,423         2,621        10,009        7,000
Income from other         1,087        210         6,793        6,452     
investments, net ^(2)
Total revenues            171,931       162,321      709,877       589,199
                                                                   
Expenses:
Property operating and    53,805        52,206       226,952       200,623
maintenance
Rental home operating and 2,204         1,766        7,359         4,850
maintenance
Real estate taxes         11,323        11,097       47,623        37,619
Sales and marketing,      2,997         2,930        10,846        11,219
gross
Sales and marketing,      (981      )   (1,294   )   (3,155    )   (4,789    )
deferred commissions, net
Property management       9,809         9,219        38,460        35,076
Depreciation on real
estate assets and rental  26,297        25,023       104,917       84,257
homes
Amortization of in-place  808           17,720       45,122        28,479
leases
Cost of home sales        2,606         1,663        9,475         5,683
Home selling expenses     341           350          1,411         1,589
General and               7,043         5,763        26,744        23,833
administrative
Acquisition costs         157           1,160        180           18,493
Rent control initiatives  389           485          1,456         2,043
and other
Interest and related      31,090       30,737      124,524      99,668    
amortization
Total expenses            147,888       158,825      641,914       548,643
Income before equity in
income of unconsolidated  24,043        3,496        67,963        40,556
joint ventures and gain
on sale of property
Equity in income of
unconsolidated joint      375           366          1,899         1,948
ventures
Gain on sale of property, 4,596        —           4,596        —         
net of tax
Consolidated net income   29,014        3,862        74,458        42,504
                                                                   
(Income) loss allocated
to non-controlling        (2,176    )   16           (5,067    )   (3,105    )
interest-Common OP Units
Income allocated to
non-controlling           —             —            —             (2,801    )
interest-Perpetual
Preferred OP Units
Series A Redeemable
Perpetual Preferred Stock (242      )   (4,038   )   (11,704   )   (13,357   )
Dividends
Series B Redeemable       —             —            —             (466      )
Preferred Stock Dividends
Series C Redeemable
Perpetual Preferred Stock (2,322    )   —           (2,909    )   —         
Dividends
Net income (loss)
available for Common      $ 24,274     $ (160   )   $ 54,778     $ 22,775  
Shares
                                                                   
Net income (loss) per     $ 0.59        $ —          $ 1.33        $ 0.64
Common Share - Basic
Net income (loss) per
Common Share - Fully      $ 0.58        $ —          $ 1.32        $ 0.64
Diluted
                                                                   
Average Common Shares -   41,285        40,263       41,174        35,591
Basic
Average Common Shares and 45,160        44,978       45,112        40,004
OP Units - Basic
Average Common Shares and 45,472        45,296       45,431        40,330
OP Units - Fully Diluted

___________________________________________

1. Certain 2011 amounts have been reclassified to conform to the 2012
presentation. This reclassification had no material effect on the consolidated
income statement.

2. For the three months and year ended December 31, 2012, includes
approximately $50,000 decrease and $0.5 million increase, respectively, in a
net asset associated with the Acquisition Properties. See footnote 3 on page 5
for detailed explanation.

Reconciliation of Net Income to FFO and FAD

(In $US thousands, except per share data, unaudited)

                           Three Months Ended       Year Ended
                           December 31,              December 31,
                           2012        2011         2012         2011
Computation of funds from
operations:
Net income (loss)
available for Common       $ 24,274     $ (160   )   $ 54,778      $ 22,775
Shares
Income (loss) allocated to 2,176        (16      )   5,067         3,105
common OP Units
Series B Redeemable        —            —            —             466
Preferred Stock Dividends
Right-to-use contract
upfront payments,          2,014        3,169        6,694         11,936
deferred, net ^(1)
Right-to-use contract
commissions, deferred, net (981     )   (1,294   )   (3,155    )   (4,789    )
^(2)
Depreciation on real       24,643       23,780       98,826        79,981
estate assets
Depreciation on rental     1,654        1,243        6,091         4,276
homes ^ (3)
Amortization of in-place   808          17,720       45,122        28,479
leases
Depreciation on
unconsolidated joint       293          308          1,166         1,228
ventures
Gain on sale of property,  (4,596   )   —           (4,596    )   —         
net of tax
Funds from operations      $ 50,285     $ 44,750     $ 209,993     $ 147,457
(FFO) ^(4) (5)
Non-revenue producing
improvements to real       (9,246   )   (8,320   )   (29,287   )   (23,315   )
estate
Funds available for        $ 41,039    $ 36,430    $ 180,706    $ 124,142 
distribution (FAD) ^(4)
                                                                   
FFO per Common Share -     $ 1.11       $ 0.99       $ 4.65        $ 3.69
Basic
FFO per Common Share -     $ 1.11       $ 0.99       $ 4.62        $ 3.66
Fully Diluted
                                                                   
FAD per Common Share -     $ 0.91       $ 0.81       $ 4.01        $ 3.10
Basic
FAD per Common Share -     $ 0.90       $ 0.80       $ 3.98        $ 3.08
Fully Diluted

________________________________

1. The Company is required by GAAP to defer recognition of the non-refundable
upfront payments from the entry of right-to-use contracts over the estimated
customer life. The customer life is currently estimated to range from one to
31 years and is based upon historical attrition rates provided to the Company
by Privileged Access. The amount shown represents the deferral of a
substantial portion of current period contracts sales, offset by amortization
of prior period sales.

2. The Company is required by GAAP to defer recognition of the commission paid
related to the entry of right-to-use contracts. The deferred commissions will
be amortized on the same method as the related non-refundable upfront payments
from the entry of right-to-use contracts. The amount shown represents the
deferral of a substantial portion of current period contract commissions,
offset by the amortization of prior period commissions.

3. For the three months and year ended December 31, 2011, the Company
previously reported FFO and FAD including a deduction for rental home
depreciation expense. To conform with the 2012 presentation of FFO and FAD,
rental home depreciation expense was added back to previously reported FFO and
FAD for the three months and year ended December 31, 2011.

4. See definition of FFO and FAD page 21.

5. FFO adjusted to include a deduction for depreciation expense on rental
homes would have been $48.6 million, or $1.07 per fully diluted share, and
$43.5 million, or $0.96 per fully diluted share, for the three months ending
December 31, 2012 and 2011, respectively, and $203.9 million, or $4.49 per
fully diluted share, and $143.2 million, or $3.55 per fully diluted share, for
the year ended December 31, 2012 and 2011, respectively.

Consolidated Income from Property Operations ^(1)

(In $US millions, except home site and occupancy figures, unaudited)

                                  Three Months Ended    Year Ended
                                  December 31,           December 31,
                                  2012       2011       2012       2011
Community base rental income ^    $ 104.4     $ 99.1     $ 414.2     $ 318.9
(2)
Rental home income                4.0         2.7        14.1        8.0
Resort base rental income ^ (3)   29.8        28.6       134.3       130.5
Right-to-use annual payments      11.6        12.1       47.7        49.1
Right-to-use contracts current    3.8         4.8        13.4        17.9
period, gross
Utility and other income          14.3       13.8      64.4       53.8    
Property operating revenues       167.9       161.1      688.1       578.2
                                                                     
Property operating, maintenance,  65.2        63.3       274.6       238.2
and real estate taxes
Rental home operating and         2.2         1.8        7.4         4.9
maintenance
Sales and marketing, gross        3.0        2.9       10.8       11.2    
Property operating expenses       70.4       68.0      292.8      254.3   
Income from property operations   $ 97.5     $ 93.1    $ 395.3    $ 323.9 
                                                                     
Manufactured home site figures
and occupancy averages:
Total sites                       74,116      71,828     74,107      55,709
Occupied sites                    66,368      63,886     66,180      49,847
Occupancy %                       89.5    %   88.9   %   89.3    %   89.5    %
Monthly base rent per site        $ 524       $ 517      $ 522       $ 533
                                                                     
Core total sites                  44,101      44,104     44,102      44,104
Core occupied sites               40,462      40,215     40,333      40,094
Core occupancy %                  91.7    %   91.2   %   91.5    %   90.9    %
Core monthly base rent per site   $ 570       $ 557      $ 567       $ 554
                                                                     
Resort base rental income:
Annual                            $ 22.4      $ 21.3     $ 87.2      $ 83.3
Seasonal                          4.1         4.0        21.1        20.7
Transient                         3.3        3.3       26.0       26.5    
Total resort base rental income   $ 29.8     $ 28.6    $ 134.3    $ 130.5 

_________________________

1. See page 6 for a complete Income Statement. The line items that the Company
includes in property operating revenues and property operating expenses are
also individually included in our Consolidated Income Statement. Excludes
property management expenses and the GAAP deferral of right-to-use contract
upfront payments and related commissions, net.

2. See manufactured home site figures and occupancy averages table above.

3. See resort base rental income table included below within this table.

2012 Core Income from Property Operations ^(1)

(In $US millions, except percentages, home site and occupancy figures,
unaudited)

             Three Months Ended              Year Ended            
             December 31,          %           December 31,            %
             2012      2011       Change     2012       2011       Change ^
                                   ^(2)                                (2)
Community
base rental  $ 69.2     $ 67.2     2.9   %     $ 274.4     $ 266.6     2.9   %
income ^(3)
Rental home  2.2        1.7        25.2  %     8.1         6.3         28.2  %
income
Resort base
rental       29.6       28.6       3.7   %     133.7       130.4       2.5   %
income ^(4)
Right-to-use
annual       11.6       12.1       (4.4  )%    47.7        49.1        (3.0  )%
payments
Right-to-use
contracts
current      3.8        4.8        (21.2 )%    13.4        17.9        (24.8 )%
period,
gross
Utility and
other income 11.2      11.2      0.2   %     51.7       49.6       4.2   %
^(5)
Property
operating    127.6      125.6      1.5   %     529.0       519.9       1.8   %
revenues
^(6)
                                                                       
Property
operating,
maintenance, 52.4       51.8       1.3   %     221.3       219.1       1.0   %
and real
estate taxes
Rental home
operating    1.6        1.3        16.2  %     4.7         3.9         19.7  %
and
maintenance
Sales and
marketing,   3.0       2.9       2.3   %     10.8       11.2       (3.4  )%
gross
Property
operating    57.0      56.0      1.7   %  —  236.8      234.2      1.1   %
expenses
^(6)
Income from
property     $ 70.6    $ 69.6    1.4   %     $ 292.2    $ 285.7    2.3   %
operations
^(6)
Occupied     40,536     40,258
sites ^(7)
                                                                       
Core manufactured home site figures and
occupancy averages:
Total sites  44,101     44,104                 44,102      44,104
Occupied     40,462     40,215                 40,333      40,094
sites
Occupancy %  91.7   %   91.2   %               91.5    %   90.9    %
Monthly base
rent per     $ 570      $ 557                  $ 567       $ 554
site
                                                                       
Resort base
rental
income:
Annual       $ 22.3     $ 21.3     4.7   %     $ 86.7      $ 83.3      4.1   %
Seasonal     4.1        4.0        1.6   %     21.0        20.7        1.5   %
Transient    3.2       3.3       (0.6  )%    26.0       26.4       (1.6  )%
Total resort
base rental  $ 29.6    $ 28.6    3.7   %     $ 133.7    $ 130.4    2.5   %
income

____________________________

1. 2012 Core properties include properties we owned and operated during all of
2011 and 2012. Excludes property management expenses and the GAAP deferral of
right-to-use contract upfront payments and related commissions, net.

2. Calculations prepared using unrounded numbers.

3. See core manufactured home site figures and occupancy averages table above.

4. See resort base rental income table included below within this table.

5. During the year ended December 31, 2012, the Company recognized
approximately $2.1 million of cable service prepayments due to the bankruptcy
of a third-party cable service provider at certain of the properties.

6. Growth rate excluding cable service prepayments, right-to-use contract
sales and sales and marketing expenses is 2.3%, 1.3%, and 3.0% for property
operating revenues, property operating expenses, and income from property
operations, respectively, for the year ended December 31, 2012.

7. Occupied sites have increased by 278 from 40,258 at December 31, 2011.

2011 Acquisitions - Income from Property Operations ^(1)

(In $US millions, except occupancy figures, unaudited)

                         Three Months Ended            Year Ended
                         December 31,                   December 31,
                         2012      2011                2012       2011
Community base rental    $ 35.2     $    31.9           $ 139.8     $  52.2
income
Rental home income       1.8        1.0                 5.9         1.6
Resort base rental       0.1        —                   0.5         0.1
income
Utility income and       3.2       2.6               12.8      4.3      
other property income
Property operating       40.3       35.5                159.0       58.2
revenues
                                                                    
Property operating,
maintenance, and real    12.6       11.5                53.1        19.0
estate taxes
Rental home operating    0.7       0.4               2.7       1.0      
and maintenance
Property operating       13.3      11.9              55.8      20.0     
expenses
Income from property     $ 27.0    $    23.6         $ 103.2   $  38.2  
operations
Occupied sites           25,945     25,751
                                                                    
                                                                    
                                    Total Acquisition   Michigan    Total less
                                    Portfolio           only       Michigan
Average Occupancy for the Three Months Ended December
31, 2012
Total sites                         30,015              5,874       24,141
Occupied sites                      25,906              4,074       21,832
Occupancy %                         86.3         %      69.4    %   90.4     %
Monthly base rent per               $    453            $ 456       $  452
occupied site
                                                                    
                                                                    
Average Occupancy for the Year Ended December 31,
2012 ^ (2)
Total sites                         30,005              5,874       24,131
Occupied sites                      25,847              4,044       21,803
Occupancy %                         86.1         %      68.8    %   90.4     %
Monthly base rent per               $    451            $ 455       $  450
occupied site

______________________

1. Represents actual performance of 75 Acquisition Properties acquired by the
Company during the last six months of 2011. Excludes property management
expenses.

2. Occupancy as of December 31, 2012 was 25,945, an increase of 194 sites from
25,751 at December 31, 2011.

Income from Rental Home Operations ^(1)

(In $US millions, except occupied rentals, unaudited)

                         Three Months Ended         Year Ended
                         December 31,                December 31,
                         2012       2011            2012       2011
Manufactured homes:
New home                 $ 5.2       $   3.6         $ 18.4      $   12.4
Used home                8.8        7.0            31.8       19.5       
Rental operations        14.0        10.6            50.2        31.9
revenues ^(1)
Rental operations        (2.2    )   (1.8       )    (7.4    )   (4.9       )
expense
Income from rental
operations, before       11.8        8.8             42.8        27.0
depreciation
Depreciation on rental   (1.7    )   (1.2       )    (6.1    )   (4.3       )
homes
Income from rental
operations, after        $ 10.1     $   7.6        $ 36.7     $   22.7   
depreciation
                                                                 
                                                                 
Occupied rentals:
New
Core                     1,725       1,336
Acquisitions             165         16
                                                                 
Used
Core                     2,140       1,937
Acquisitions             1,794       1,134
                                                                 
                                                                 
                         As of
                         December 31, 2012           December 31, 2011
Cost basis in rental     Gross       Net of          Gross       Net of
homes ^ (2):                         Depreciation                Depreciation
New
Core                     $ 101.3     $   91.8        $ 82.9      $   76.4
Acquisitions             6.9         6.7             1.7         1.7
                                                                 
Used
Core                     36.6        31.2            29.9        26.2
Acquisitions             39.1       37.4           28.9       28.5       
Total rental homes       $ 183.9    $   167.1      $ 143.4    $   132.8  

____________________________

1. For the three months ended December 31, 2012 and 2011, approximately $10.0
million and $7.9 million, respectively, are included in Community base rental
income in the Consolidated Income from Property Operations table on page 8.
For the years ended December 31, 2012 and 2011, approximately $36.2 million
and $23.9 million, respectively, are included in Community base rental income
in the Consolidated Income from Property Operations table on page 8. The
remainder of the rental operations revenue is included in the caption “Rental
home income” in the Consolidated Income from Property Operations table on page
8.

2. Includes both occupied and unoccupied rental homes.

Total Sites and Home Sales

(Dollar amounts in $US thousands, unaudited)

Summary of Total Sites as of December 31,                          
2012
                                                Sites
Community sites                                 74,100
Resort sites:
Annuals                                         22,800
Seasonal                                        9,000
Transient                                       9,600
Membership ^ (1)                                24,100
Joint Ventures ^(2)                             3,100   
Total                                           142,700 
                                                                       
Home Sales - Select Data
                                   Three Months Ended       Year Ended
                                   December 31,             December 31,
                                   2012         2011        2012       2011
New Home Sales Volume ^ (3)        15           11          34         51
New Home Sales Gross Revenues      $  660       $ 612       $ 1,698    $ 2,278
                                                                       
Used Home Sales Volume ^(4)        349          290         1,412      893
Used Home Sales Gross Revenues     $  2,025     $ 1,195     $ 6,868    $ 3,810
                                                                       
Brokered Home Resales Volume       200          162         914        711
Brokered Home Resale Revenues, net $  252       $ 198       $ 1,174    $ 806

__________________________

1. Sites primarily utilized by approximately 97,000 members. Includes
approximately 4,300 sites rented on an annual basis.

2. Joint venture income is included in Equity in income from unconsolidated
joint ventures.

3. The year ended December 31, 2011, includes three third-party dealer sales.

4. The year ended December 31, 2011, includes one third-party dealer sale.

2013 Guidance - Selected Financial Data ^(1)

The Company's guidance acknowledges the existence of volatile economic
conditions, which may impact our current guidance assumptions. Factors
impacting 2013 guidance include, but are not limited to the following: (i) the
mix of site usage within the portfolio; (ii) yield management on our
short-term resort sites; (iii) scheduled or implemented rate increases on
community and resort sites; (iv) scheduled or implemented rate increases of
annual payments under right-to-use contracts; (v) occupancy changes; (vi) our
ability to retain and attract customers renewing or entering right-to-use
contracts; (vii) performance of the chattel loans purchased by us in
connection with the Acquisition; and (viii) our ability to integrate and
operate the Acquisition Properties in accordance with our estimates.

(In $US millions, except per share data, unaudited)

                                                             Year Ended
                                                             December 31, 2013
Income from property operations - 2013 Core ^(2)             $     406.3
Income from property operations - 2012 Acquisition ^(3)      2.0
Property management and general and administrative           (65.8         )
Other income and expenses ^(4)                               16.8
Financing costs and other                                    (129.7        )
Funds from operations (FFO) ^(5)                             229.6
Depreciation on real estate and other                        (101.2        )
Depreciation on rental homes                                 (6.5          )
Deferral of right-to-use contract sales revenue and          (3.8          )
commission, net
Income allocated to OP units                                 (9.7          )
Net income available to common shares                        $     108.4   
                                                             
Net income per common share - fully diluted ^(6)             $2.49 - 2.69
FFO per share - fully diluted                                $4.94 - $5.14
                                                             
Weighted average shares outstanding - fully diluted          45.6

_____________________________________

1. Each line item represents the mid-point of a range of possible outcomes and
reflects management’s estimate of the most likely outcome. Actual FFO, FFO per
share, Net Income and Net Income per share could vary materially from amounts
presented above if any of our assumptions are incorrect.

2. See page 15 for 2013 Core Guidance Assumptions. Amount represents Core
income from property operations from the 2013 Core Properties in 2012 of
$395.4 million multiplied by an estimated growth rate of 2.7%.

3. See page 16 for 2012 Acquisition Assumptions in 2013.

4. See page 17 for 2011 Acquired Chattel Loan Assumptions.

5. See page 21 for definition of FFO.

6. Net income per fully diluted common share is calculated before Income
allocated to OP Units.

First Quarter 2013 Guidance - Selected Financial Data ^(1)

The Company's guidance acknowledges the existence of volatile economic
conditions, which may impact our current guidance assumptions. Factors
impacting 2013 guidance include, but are not limited to the following: (i) the
mix of site usage within the portfolio; (ii) yield management on our
short-term resort sites; (iii) scheduled or implemented rate increases on
community and resort sites; (iv) scheduled or implemented rate increases of
annual payments under right-to-use contracts; (v) occupancy changes; (vi) our
ability to retain and attract customers renewing or entering right-to-use
contracts; (vii) performance of the chattel loans purchased by us in
connection with the Acquisition; and (viii) our ability to integrate and
operate the Acquisition Properties in accordance with our estimates.

(In $US millions, except per share data, unaudited)

                                                            Three Months Ended
                                                            March 31, 2013
Income from property operations - 2013 Core ^ (2)           $    106.8
Income from property operations - 2012 Acquisition ^ (3)    0.9
Property management and general and administrative          (16.7         )
Other income and expenses                                   5.1
Financing costs and other                                   (32.6         )
Funds from operations (FFO) ^ (4)                           63.5
Depreciation on real estate and other                       (25.3         )
Depreciation on rental homes                                (1.6          )
Deferral of right-to-use contract sales revenue and         (0.7          )
commission, net
Income allocated to OP units                                (3.0          )
Net income available to common shares                       $    32.9     
                                                            
Net income per common share - fully diluted ^(5)            $0.74 - $0.84
FFO per share - fully diluted                               $1.35 - $1.45
                                                            
Weighted average shares outstanding - fully diluted         45.5

_______________________________________

1. Each line item represents the mid-point of a range of possible outcomes and
reflects management’s best estimate of the most likely outcome. Actual FFO,
FFO per share, Net Income and Net Income per share could vary materially from
amounts presented above if any of our assumptions are incorrect.

2. See page 15 for Core Guidance Assumptions. Amount represents Core Income
from property operations for the 2013 Core Properties in 2012 for the three
months ended March 31, 2012 of $103.8 million multiplied by an estimated
growth rate of 2.9%.

3. See page  16  for 2012 Acquisition Assumptions in 2013.

4. See page 21 for definition of FFO.

5. Net income per fully diluted common share is calculated before Income
allocated to OP Units.

2013 Core ^(1)
Guidance Assumptions - Income from Property Operations

(In $US millions, unaudited)

                                                      Three Months   First
                           Year Ended    2013       Ended         Quarter
                                                                     2013
                           December 31,   Growth      March 31,      Growth
                           2012           Factors    2012           Factors
                                          ^(2)                       ^(2)
Community base rental      $  414.2       2.6   %     $  102.9       2.6   %
income
Rental home income         14.1           27.3  %     3.0            33.9  %
Resort base rental income  134.3          1.8   %     37.6           1.4   %
^ (3)
Right-to-use annual        47.7           (0.9  )%    11.8           (1.6  )%
payments
Right-to-use contracts     13.4           3.5   %     2.2            25.4  %
current period, gross
Utility and other income   64.3          (0.5  )%    16.5          2.1   %
Property operating         688.0          2.5   %     174.0          2.9   %
revenues ^(4)
                                                                     
Property operating,
maintenance, and real      (274.4    )    1.7   %     (67.0     )    1.3   %
estate taxes
Rental home operating and  (7.4      )    14.2  %     (1.6      )    22.4  %
maintenance
Sales and marketing, gross (10.8     )    2.7   %     (1.6      )    43.0  %
Property operating         (292.6    )    2.1   %     (70.2     )    2.8   %
expenses ^(4)
Income from property       $  395.4      2.7   %     $  103.8      2.9   %
operations ^(4)
                                                                     
Resort base rental income:
Annual                     $  87.2        2.9   %     $  21.3        2.4   %
Seasonal                   21.1           0.1   %     11.6           —
Transient                  26.0          (0.1  )%    4.7           —
Total resort base rental   $  134.3      1.8   %     $  37.6       1.4   %
income

_______________________________

1. 2013 Core properties include properties we expect to own and operate during
all of 2012 and 2013. Excludes property management expenses and the GAAP
deferral of right to use contract upfront payments and related commissions,
net.

2. Management’s estimate of the growth of property operations in the 2013 Core
Properties compared to actual 2012 performance. Represents our estimate of the
mid-point of a range of possible outcomes. Calculations prepared using
unrounded numbers.

3. See resort base rental income table included below within this table.

4. Growth rate excluding right-to-use contracts-current period gross sales is
2.4%, 2.1%, and 2.7% for property operating revenues, property operating
expenses, and income from property operations, respectively for the year ended
December 31, 2012.

2012 Acquisition Assumptions in 2013 ^(1)

(In $US millions, unaudited)

                                        Year Ended         Three Months Ended
                                        December 31, 2013   March 31, 2013
Resort base rental income               $     5.2           $     1.8
Utility income and other property       0.6                0.3           
income
Property operating revenues             5.8                 2.1
                                                            
Property operating, maintenance, and    (3.8         )      (1.2          )
real estate taxes
Property operating expenses             (3.8         )      (1.2          )
Income from property operations         $     2.0          $     0.9     

___________________________________

1. Each line item represents our estimate of the mid-point of a possible range
of outcomes and reflects management's best estimate of the most likely outcome
for the Acquisition Properties. Actual income from property operations for the
Acquisition Properties could vary materially from amounts presented above if
any of our assumptions are incorrect.

2011 Acquired Chattel Loan Assumptions

Other Income and Expense guidance includes estimated interest income of
approximately $4.6 million for the year ended December 31, 2013 from Notes
Receivable acquired from the seller and secured by manufactured homes in
connection with the purchase of 75 Acquisition Properties during 2011. As of
December 31, 2012, the company's carrying value of the Notes Receivable was
approximately $25.7 million. The Company's initial carrying value was based on
a third party valuation utilizing 2011 market transactions and is adjusted
based on actual performance in the loan pool. Factors used in determining the
initial carrying value included delinquency status, market interest rates and
recovery assumptions. The following tables provide a summary of the Notes
Receivable and certain assumptions about future performance, including
interest income guidance for 2013. An increase in the estimate of expected
cash flows would generally result in additional interest income to be
recognized over the remaining life of the underlying pool of loans. A decrease
in the estimate of expected cash flows could result in an impairment loss to
the carrying value of the loans. There can be no assurance that the Notes
Receivable will perform in accordance with these assumptions.

(Guidance; in $US millions, unaudited)

                                                               
                                                                 2013
Contractual cash flows to maturity beginning                     $   133.7
January 1,
Expected cash flows to maturity beginning                        52.5
January 1,
Expected interest income to maturity                             26.8
beginning January 1,
                                                                 
                                             Actual through      2013 Guidance
                                             December 31, 2012   Assumptions
Default rate                                 23            %     24         %
Recoveries as percentage of defaults         26            %     25         %
Yield                                        19            %     21         %
                                                                 
Average carrying amount of loans             $     30.1          $   21.6
Contractual principal pay downs              4.6                 3.0
Contractual interest income                  6.2                 5.6
Expected cash flows applied to principal     5.0                 2.6
Expected cash flows applied to interest      5.8                 4.6
income

Balance Sheet

(In $US thousands)

                                              December 31, 2012  December 31,
Selected Balance Sheet Data                   (unaudited)         2011
Net investment in real estate                 $   3,207,859       $  3,265,447
Cash                                          37,140              70,460
Total assets                                  3,398,226           3,497,321
Mortgage notes payable                        2,069,866           2,084,683
Term loan                                     200,000             200,000
Unsecured lines of credit ^ (1)               —                   —
Total liabilities                             2,473,924           2,498,041
8.034% Series A Cumulative Redeemable         —                   200,000
Perpetual Preferred Stock ^(2)
6.75% Series C Cumulative Redeemable          136,144             —
Perpetual Preferred Stock
Total common equity                           788,159             799,280

______________________________

1. As of December 31, 2012, the Company had an unsecured line of credit with a
borrowing capacity of $380.0 million which accrued interest at a rate of LIBOR
plus 1.40% to 2.00% per annum and contained a 0.25% to 0.40% facility fee. The
unsecured line of credit matures on September 15, 2016 and has a one-year
extension option.

2. On October 18, 2012, the Company redeemed all of the 2,554,235 remaining
shares of the Series A Preferred Stock including accrued and unpaid dividends
for approximately $64.1 million.

Right-To-Use Membership - Select Data

(In $US thousands, except member count, number of Zone Park Passes, number of
annuals and number of upgrades, unaudited)

                      Year Ended December 31,
                      2009       2010       2011       2012       2013
                                                                      ^(1)
Member Count ^(2)     105,850     102,726     99,567      96,687      95,000
Right-to-use annual   $ 50,765    $ 49,831    $ 49,122    $ 47,662    $ 47,200
payments ^(3)
Number of Zone Park   —           4,487       7,404       10,198      12,000
Passes (ZPP's) ^(4)
Number of annuals     2,484       3,062       3,555       4,280       4,600
^(5)
Resort base rental    $ 5,950     $ 6,712     $ 8,069     $ 9,585     $ 10,500
income from annuals
Number of upgrades    3,379       3,659       3,930       3,069       3,100
^(6)
Upgrade contract      $ 15,372    $ 17,430    $ 17,663    $ 13,431    $ 13,800
initiations ^(7)
Resort base rental
income from           $ 10,121    $ 10,967    $ 10,852    $ 11,042    $ 11,300
seasonals/transients
Utility and other     $ 1,883     $ 2,059     $ 2,444     $ 2,407     $ 2,300
income

________________________________

1. Guidance estimate.

2. Members have entered into right-to-use contracts with the Company which
entitle them to use certain properties on a continuous basis for up to 21
days.

3. The year ended December 31, 2012 and 2013, includes $0.1 million and $1.1
million, respectively, of right-to-use annual payments related to memberships
activated through the Company's dealer program.

4. Zone Park Passes (ZPP’s) allow access to up to four zones of the United
States and require annual payments.

5. Members that renew their right-to-use contracts annually and pay an annual
rate for the right to use a specific site.

6. Existing customers that have upgraded agreements are eligible for longer
stays, can make earlier reservations, may receive discounts on rental units,
and may have access to additional Properties. Upgrades require a
non-refundable upfront payment.

7. Sales revenues associated with contract upgrades, included in the line item
Right-to-use contracts current period, gross, on the Company’s Income
Statement on page 6.

Debt Maturity Schedule ^(1)

(In $US millions, unaudited)

Year   Amount
2013    $ 74
2014    133
2015    592
2016    229
2017    91
2018    205
2019    215
2020    138
2021+   368
        $ 2,045

____________________________

1. Represents the Company’s mortgage notes payable excluding $24.6 million net
note premiums, and the Company’s $200 million term loan as of December31,
2012. For the three months ended December31, 2012, including the Company's
$200 million term loan, the weighted average interest rate of the outstanding
debt presented above, including amortization, is approximately 5.3% and the
weighted average maturity is 5.0 years.

Non-GAAP Financial Measures

Funds from Operations (“FFO”) - a non-GAAP financial measure. The Company
believes that FFO, as defined by the Board of Governors of the National
Association of Real Estate Investment Trusts (“NAREIT”), is generally an
appropriate measure of performance for an equity REIT. While FFO is a relevant
and widely used measure of operating performance for equity REITs, it does not
represent cash flow from operations or net income as defined by GAAP, and it
should not be considered as an alternative to these indicators in evaluating
liquidity or operating performance.

The Company defines FFO as net income, computed in accordance with GAAP,
excluding gains or actual or estimated losses from sales of properties, plus
real estate related depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. Adjustments for unconsolidated
partnerships and joint ventures are calculated to reflect FFO on the same
basis. The Company receives up-front non-refundable payments from the entry of
right-to-use contracts. In accordance with GAAP, the upfront non-refundable
payments and related commissions are deferred and amortized over the estimated
customer life. Although the NAREIT definition of FFO does not address the
treatment of nonrefundable right-to-use payments, the Company believes that it
is appropriate to adjust for the impact of the deferral activity in its
calculation of FFO. The Company believes that FFO is helpful to investors as
one of several measures of the performance of an equity REIT. The Company
further believes that by excluding the effect of depreciation, amortization
and gains or actual or estimated losses from sales of real estate, all of
which are based on historical costs and which may be of limited relevance in
evaluating current performance, FFO can facilitate comparisons of operating
performance between periods and among other equity REITs. The Company believes
that the adjustment to FFO for the net revenue deferral of upfront
non-refundable payments and expense deferral of right-to-use contract
commissions also facilitates the comparison to other equity REITs. Funds
available for distribution (“FAD”) is a non-GAAP financial measure. FAD is
defined as FFO less non-revenue producing capital expenditures. Investors
should review FFO and FAD, along with GAAP net income and cash flow from
operating activities, investing activities and financing activities, when
evaluating an equity REIT’s operating performance. The Company computes FFO in
accordance with its interpretation of standards established by NAREIT, which
may not be comparable to FFO reported by other REITs that do not define the
term in accordance with the current NAREIT definition or that interpret the
current NAREIT definition differently than the Company does. FFO and FAD do
not represent cash generated from operating activities in accordance with
GAAP, nor do they represent cash available to pay distributions and should not
be considered as an alternative to net income, determined in accordance with
GAAP, as an indication of the Company’s financial performance, or to cash flow
from operating activities, determined in accordance with GAAP, as a measure of
its liquidity, nor is it indicative of funds available to fund the Company’s
cash needs, including its ability to make cash distributions.

Contact:

Equity LifeStyle Properties, Inc.
Paul Seavey, (312) 279-1488